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Daily analysis of USD/JPY for March 28, 2018

USD/JPY

There is a rally on the USD/JPY; in the context of a downtrend, but that was not significant enough to threaten the overall bearish bias on the market. A movement above the supply level at 106.50 would cause a bullish bias to be threatened, but that would require a strong buying pressure. A movement to the south would corroborate the existing bearish bias.

There are mixed signals in the market. The RSI period 14 has crossed the level 50 to the upside, but the EMA 11 is yet to cross the EMA 56 to the upside. Further movement to the upside would result in a Bullish Confirmation Pattern, while a movement to the downside would result in a Bearish Confirmation Pattern.